How to prioritize investments in New Marketing Technologies

New Marketing Technologies
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Influence of Emerging Technologies & Trends on your Digital Roadmap

As an Entrepreneur or a business decision maker, it is very important to make right investments when you are to Market your Business. With emerging new technologies and trends in the modern era of internet world with information overload, it becomes further more complicated to prioritize your investments. Just like Technology becoming more and more disruptive and emerging into all aspects of life from coffee machines to smart phones, from electronic tooth brush to space ships, Marketing too is evolving, thanks to the Technology. For the majority of businesses, the question of whether investments in marketing technology have really paid dividends, or whether they’re simply caught in a marketing and technology arms race that requires more and more investment just to stay competitive is still open. Spending keeps rising so does the share of shelf ware as folks buy into that arms race without fully extracting the value the tech promises.

Businesses not only cope up with the evolving trends and technologies every year but also is equally challenging to align these to their Business goals. Below are those 5 points which help you re-optimize your campaign strategy and prioritize your Budget to invest into.

  1. Business Objectives

    To be short, answer yourself the below questions to be clear about what your Business goals are.

    1. Where do you want your Business to be in one year from now, or five, ten years from now?
    2. Where do you want to be?
    3. How big do you want your business to be?
    4. How much revenue do you want to be bringing in?
    5. Or do you want to be on holiday somewhere, already having cashed out your business?

    Write down your goals, then consider what is needed in order to achieve those. Translate those long-term goals into monthly objectives. Be practical and don’t get carried away with your ambitious plans. These objectives should be quantifiable—for example, your objective could be to sell 20 copies of your product each week. You can then increase that number to 30 after say, a month. You see the picture. Ultimately, remember: don’t be afraid to start small. Realistic objectives that you actually meet are far better than lofty ones that never get achieved.

  2. Relating emerging trends to your Business

    This is the trickier part. As technology keeps emerging and so is the adaptation of each industry to the technology, it becomes harder to relate that emerging trend to your Business. Not to worry, below are the hot trends recently for you to have a deeper look at and relate if this technology is going to change your Customer Experience drastically. If that technology is going to give you quicker results.

    a)It is Human to Human not B2B or B2C anymore. As businesses deal with humans as decision makers for your product or service, it becomes more convincingly obvious and effective that you market to the human side of your target audience.

    b)Customer Engaging. Videos, Informative Content and Social Media are the most customer engaging mediums recently

    c)Mobile. People are spending more and more time on their mobiles than on any other medium compared to the desktop, web or social. So it makes very clear that your Business doesn’t miss this ever growing large percentage of the audience.

    d)Intelligent Personal Assistants.Who doesn’t love to ask Siri where to get the best pizza in the neighbourhood or what time stores open on Sunday? Digital assistants like Apple’s Siri and Microsoft’s Cortana are expected to multiply and lead to a new kind of optimization. When looking up their answers for users, digital assistants typically use traditional search engines.

    e)Virtual Reality.Dozens of virtual reality devices—headsets, glasses—will be released over the next few years to coincide with the next tech miracle. Some of them will be tailored for specific video games while others will be for more general use. There’s the potential for a huge, untapped world of online advertising possibilities. And we think virtual reality will complement social media and video channels nicely.

  3. Optimizing the Marketing mix

    With the increasing number of channels available for you to market and promote your business, you must try to evaluate each channel to really optimize to achieve best results. There are a few of these mix of strategies for you to consider.

    a)Consider Organic channels to achieve long-term results.

    b)Spend more on paid channels to achieve quicker results.

    c)Content generation and spending for it sure gives better results and is a way to build customer loyalty by conveying your expertise through this content.

    Achieve right optimisation of marketing mix by evaluating which channel works for you better. More frequently we see a tendency to simply double down on campaign tactics that are working and defund the ones that aren’t, without spending much effort looking for root causes. Indeed, in many instances this optimization process is automated, hiding whatever insights it might yield.  And some vendors implicitly sell this black-box optimization as a benefit.

  4. The Budget

    Gartner surveyed over 330 organizations on their 2015 marketing budgets and 2016 expectations. It found out that CMO budgets are increasing, distinctions between digital marketing and marketing are vanishing, and digital commerce has become the mandate for driving profitable growth.

    Many start-ups and established brands are very well funded. But many businesses have a question “I need to establish my brand and I do not have money to help it.” Does this sound familiar? There is nothing worse than spending every penny you have to build something the wrong way only to have to start over again. So do it right the first time. But to crack this, a simple way of avoiding missing out can be put like this. There are a certain un-miss able aspects of marketing businesses must try to spend on:

    • Branding
    • Website
    • Social Media Marketing
    • Advertising
    • Content Marketing
    • Events
  5. ROI

    The simple method to calculate ROI is easy, but it is based on many assumptions. The basic assumption is that the total month-on-month sales growth is directly proportional to the marketing campaign. For the marketing ROI to have any real value, it is important to have comparison metrics. Monthly comparisons, like the sales from the business line prior to the campaign launching, can help show the impact more clearly.

    To really know the impact, you can get a little more detailed. Using a 12-month campaign lead up, you can calculate the existing sales trend. If sales are seeing an organic growth on average of 3% per month over the last 12-month period, then your ROI calculation for the marketing campaign should strip out 3% from the sales growth.

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